C. In the Matter of Axia Network Foundation (In Voluntary Liquidation)
Axia Network Foundation (in voluntary liquidation) and ANF MergeCo Ltd (in voluntary liquidation) (the ‘Axia Companies’) were part of the Axia Group which was set up for the purpose of creating and developing a digital token. The Axia Companies are foundation companies, which are a Cayman Islands vehicle commonly used in the digital assets space. A foundation company is a body corporate with a legal personality distinct from that of its members, directors, officers and founder, therefore, it has the capacity to sue, be sued and hold property. In this case, the Court found that section 131(b) applies to foundation companies in the same way as a company under the…
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